The Supreme Court will hear Future Retail’s defense against the lender on January 31. The company, led by Kishore Biyani, has filed a petition for the Supreme Court to pass an order if its lenders do not declare it as a non-performing asset (NPA) if dues of Rs 3,494 crore are not paid by January 29.
In a petition filed with the SC, Future Retail said the lender agreed to set up an asset sale committee to monetize its smaller stores, including Easyday and Heritage Fresh Stores, and recover dues under the framework agreement on January 1.
The company also asked the SFC to instruct its lenders to extend the timeline for monetizing its small stores under the framework agreement and to extend the “treatment period”/”review period” (30 days) under the aforementioned framework agreement.
Complete News Source : Business Standard
